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Registration number: NI010644

Creagh Concrete Products Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 September 2023

 

Creagh Concrete Products Limited

Contents

Company Information

1

Strategic Report

2 to 4

Directors' Report

5 to 8

Statement of Directors' Responsibilities

9

Independent Auditor's Report

10 to 12

Consolidated Profit and Loss Account

13

Consolidated Statement of Comprehensive Income

14

Consolidated Balance Sheet

15

Balance Sheet

16

Consolidated Statement of Changes in Equity

17

Statement of Changes in Equity

18

Consolidated Statement of Cash Flows

19 to 20

Statement of Cash Flows

21 to 22

Notes to the Financial Statements

23 to 49

 

Creagh Concrete Products Limited

Company Information

Directors

Mr Seamus McKeague

Mr Gerard McKeague

Mr Patrick McKeague

Mrs Lorna McMullan

Mr William Doherty

Mr James McKeague

Mr Eunan Rafferty

Mr Terence Rosbotham

Mrs Catherine Keenan

Mr Mark Magill

Mr Mark Gilliland

Mr Henry Doherty

Company secretary

Mrs Catherine Keenan

Registered office

38 Blackpark Road
Toomebridge
County Antrim
BT41 3SL

Solicitors

Donaghy Carey & Company
45-47 Rosemary Street
Belfast
BT1 1QB

Auditors

McKeague Morgan & Company
27 College Gardens
Belfast
BT9 6BS

 

Creagh Concrete Products Limited

Strategic Report for the Year Ended 30 September 2023

The directors present their strategic report for the year ended 30 September 2023.

Principal activity

Established in 1976, the group has grown to become one of the largest and most innovative purveyors of concrete products for a diverse range of market sectors throughout the UK and Ireland.

The group has evolved from a regional product supplier to a national specialist sub-contractor to some of the largest commercial and residential construction companies in the UK, providing a holistic service of engineering design, manufacture, delivery and installation of structural, flooring, façade and other concrete products.

Fair review of the business

The group's results represent a significant improvement in financial performance.

Whilst turnover levels showed a modest increase from £113m in 2022 to £116m, the significant statistic is an increase in profit before tax from £0.5m in 2022 to £5.0m. This dramatic improvement derived from procedures implemented in the previous year to improve cost control, productivity and contract risk assessment and management resulting in a more stringent approach to selecting new contracts.

The results for the year ended 30 September 2023 record a profit after tax of £4,193,415 (2022 - £379,843).

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Turnover

£'m

115.99

113.04

Gross profit

£'m

43.97

41.30

Gross margin

%

37.91

36.53

EBITDA

£'m

9.05

4.05

Profit before tax

£'m

5.03

0.50

Current assets as a percentage of current liabilities

%

111.65

90.51

Principal risks and uncertainties

The group’s operations expose it to a variety of business and financial risks. The group has in place a risk management programme that seeks to limit adverse effects on its financial performance. The principal risks and uncertainties affecting the group are considered to relate to competition from national and local competitors, products' liability, contracts' pricing and performance, health and safety, as well as unprecedented raw material and energy price increases. The group continually reviews its financial position to ensure there are sufficient resources and access to working capital facilities in order to meet current and potential future financial demands, and is committed to a safe working environment managed through strong promotion of a health and safety culture, well-defined health and safety policies and procedures, and regular onsite inspections.

Financial instruments

Objectives and policies

The group's operations expose it to a variety of financial risks that include price, credit, foreign exchange risk, interest rate risk and liquidity and cash flow risk. The group has in place a risk management programme that seeks to limit adverse effects on its financial performance.

 

Creagh Concrete Products Limited

Strategic Report for the Year Ended 30 September 2023 (continued)

Price risk, credit risk, foreign exchange risk, interest rate risk and liquidity risk and cash flow risk

Price risk
The group is exposed to certain commodity price risks as a result of its operations. However, given the size of the group's operations, the costs of managing exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the group's operations change in size or nature.

Credit risk
The group has implemented policies that require appropriate credit checks on potential customers before sales are made, together with credit insurance cover on certain debts. The amount of exposure to individual customers is subject to a limit, which is reassessed regularly by the board.

Foreign exchange risk
The operations of the group are mainly in the United Kingdom, and as a result its direct exposure to foreign exchange risk is limited.

Interest rate risk
The group is exposed to interest rate movements on its bank loans with variable interest rates. These are monitored by the directors.

Liquidity and cash flow risk
The group actively maintains a mixture of long-term and short-term debt finance that is designed to ensure the group has sufficient available funds for its operations and planned expansions. Long term debt finance renewal is well progressed but not completed at this date. The director's are confident that this will be resolved in the incoming months.

Section 172(1) statement

The Directors have acted in a way that they considered, in good faith, to be most likely to promote the success of the group for the benefit of its members as a whole, and in doing so had regard, amongst other matters, to:

a) the likely consequence of any decision in the long term
b) the interest of the group's employees
c) the need to foster the group's business relationships with suppliers, customers and others
d) the impact of the group's operations on the community and the environment
e) the desirability of the group maintaining a reputation for high standards of business conduct
f) the need to act fairly as between members of the group.

The Directors have had regard to the matters set out in sections 172(1)(a)-(f) when discharging their section 172 duties.

The Board are the custodians of the group, with a responsibility to create and sustain long-term value for shareholders and stakeholders by directing the affairs of the group and meeting its legitimate interests. Under this guiding principle, the Board are committed to ensure that our group values of customer-focus, respect, expertise, accountability, genuine and helpful (CREAGH) are upheld at all times, thereby maintaining our competitive advantage and protecting long-term value. In fulfilling the Board’s principal responsibility, our business strategy is reviewed on an ongoing basis and annual business operating plans are reviewed and approved by the Board to ensure alignment with the vision, aims and objectives of the group.

 

Creagh Concrete Products Limited

Strategic Report for the Year Ended 30 September 2023 (continued)

Engagement with employees

The Board understands the importance of our employees to the long-term success and sustainability of the group, and has invested in a Skills Growth Programme (SGP) and operation of several group academies to nurture and develop CAD, site management, leadership and other specific skills.

Engagement with suppliers, customers and other relationships

The Board understands that the impact of our operations is measured not just in the quality of products manufactured, delivered and installed, but in the longer-term impact on the environment, communities and people. The Board are cognisant of the effect our operations have upon local communities and we aim to make a positive contribution to those local communities through the use, where possible, of local labour and materials and supply chain partners, supporting local educational initiatives and encouraging our employees to be active and positive participants in their local communities. The Board believes that working in partnership with customers, suppliers, subcontractors and other partners in a more sustainable way enables us to find practical, safer methods of operating which will deliver improved performance and best value.

Approved and authorised by the Board on 21 February 2024 and signed on its behalf by:
 

.........................................
Mr Seamus McKeague
Director

 

Creagh Concrete Products Limited

Directors' Report for the Year Ended 30 September 2023

The directors present their report and the consolidated financial statements for the year ended 30 September 2023.

Results and dividends

The group has reported a comprehensive profit of £4,193,415 for the year ended 30 September 2023. The directors do not recommend a dividend for the year. Retained earnings carried forward are £13.81m (2022 - £9.62m).

Directors of the group

The directors who held office during the year were as follows:

Mr Seamus McKeague

Mr Gerard McKeague

Mr Patrick McKeague

Mrs Lorna McMullan

Mr William Doherty

Mr James McKeague

Mr Eunan Rafferty

Mr Terence Rosbotham

Mrs Catherine Keenan - Company secretary and director

Mr Mark Magill

Mr Mark Gilliland

Mr Henry Doherty

Mr Noel Culbert (resigned 14 November 2022)

Mr Brendan McCloskey (resigned 6 September 2023)

Employment of disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment with the group continues and the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of a disabled person should, as far as possible, be identical to that of a person who does not suffer from a disability.

Employee involvement

Consultation with employees has continued at all levels, with the aim of ensuring that views are taken into account when decisions are made that are likely to affect their interests. Regular meetings are held between local management and employees to allow a free flow of information and ideas.

 

Creagh Concrete Products Limited

Directors' Report for the Year Ended 30 September 2023 (continued)

Environmental report

Emissions and energy consumption

Creagh Concrete Products Limited meets the qualifying criteria for ‘large’ unquoted companies under the Companies (Director’s Report) and LLP (Energy and Carbon Report) Regulations 2018.

For the reporting period, 1 October 2022 to 30 September 2023, the group’s energy consumption and associated carbon emissions have been assessed for all UK operations in accordance with UK Government Environmental Reporting Guidelines including Streamlined Energy and Carbon Reporting (SECR) guidance, March 2019. The operational boundary includes all minimum SECR requirements for large unquoted companies, namely UK electricity, gas and transport fuels for which the group is responsible, plus diesel, kerosene and waste wood. The methodology used to calculate carbon emissions is the WBCSD/WRI Greenhouse Gas Protocol: a corporate accounting standard: revised edition. UK Government greenhouse gas emissions conversion factors for 2023 have been applied and an operational control approach has been taken. Scope 2 emissions from purchased electricity have been calculated using the location-based approach.

The group's total energy consumption for the year ended 30 September 2023 within the SECR operational boundary is 39,601,204 kWh, which compares to 42,548,970 kWh total energy consumption for the previous year ended 30 September 2022.

The total carbon emissions for the year ended 30 September 2023 associated with the reported energy use are 9,685.9 tonnes CO2e, compared to 10,573.5 tonnes CO2e in the previous reporting period. The table below presents the breakdown by scope.

Summary of greenhouse gas emissions and energy consumption for the year ended 30 September 2023:

Scope and description

Metric

2023

2022

Scope 1 - Emissions

tCO2e

8,165.1

9,310.1

Scope 2 - Emissions (location-based)

tCO2e

1,301.4

1,232.1

Scope 3 - Leased assets and business travel where responsible for fuel

tCO2e

219.5

31.3

       

Intensity ratio

The emissions intensity has been measured as the total scope 1, 2 and 3 emissions relative to £million sales revenue. During the year ended 30 September 2023 this was 83.50 tCO2e/£m (2022 - 93.60 tCO2e/£m).

The group has undertaken a range of energy efficiency actions during the year. These include:

• Introduction of energy efficient loading shovels and excavators.
• Improved out of hours equipment switch-off
• Upgraded power factor correction equipment
• A new air compressor
• Reduced compressed air leakage
• Upgrade of lighting to LED
• Installation of lagging on steam pipework
• Upgrade to energy efficient motors and air conditioning equipment
• Continuing the move to automatic transmission vehicles in the HGV fleet.

 

Creagh Concrete Products Limited

Directors' Report for the Year Ended 30 September 2023 (continued)

Future developments

The performance in this financial year demonstrates significant improvement on the prior year. The directors are confident that the measures they have taken will ensure the continuing trajectory of increasing profitability in the future. Since the balance sheet date, the group's financial performance indicators continue to be positive.

The group has a strong order book and is working closely with all its stakeholders, including customers, supply chain and employees to deliver Creagh’s Strategic Vision.

The group refinanced its borrowings and secured increased finance facilities with new partners. These new facilities provide a strong foundation to support the working capital needs of the business and fund anticipated future growth.

Despite the economic head winds, the group's penetration within core markets for RapidRes and Spantherm demonstrate continued growth in the UK and Ireland. The contracted order book for 2024/25 and beyond is reassuring.

A strategy of selective bidding will be continued with a focus on its sectoral areas of expertise. With this approach, and taking cognisance of the uncertain economic environment, the group's expectations are for controlled growth in profitability.

Research and development

The group has continued to pursue research and development initiatives throughout the period, investing in, for example, innovative mix developments and developing new technologies to appreciably improve engineering and production processes.

Going concern

The group’s business activities and its financial position are described in the Strategic Report.

The group continually reviews its financial position to ensure there are sufficient resources and access to working capital facilities in order to meet current and potential future financial demands. Taking into consideration the ongoing contracts with customers and suppliers across different geographic areas and market sectors, the directors believe the group is able to manage its business risks successfully. The ongoing performance of the business after the balance sheet date has reinforced confidence in achieving its financial objectives.

The directors recognise that the current economic conditions globally reduces business activity and confidence. However in contrast, demand within the group's markets continues to be strong and the group's order book is robust.

After making enquiries, the directors are confident that the group has adequate resources in place, with sufficient headroom, for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the Annual Report and Financial Statements.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the group's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

 

Creagh Concrete Products Limited

Directors' Report for the Year Ended 30 September 2023 (continued)

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of McKeague Morgan & Company as auditors of the group is to be proposed at the forthcoming Annual General Meeting.

Approved and authorised by the Board on 21 February 2024 and signed on its behalf by:
 

.........................................
Mr Seamus McKeague
Director

 

Creagh Concrete Products Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Creagh Concrete Products Limited

Independent Auditor's Report to the Members of Creagh Concrete Products Limited

Opinion

We have audited the financial statements of Creagh Concrete Products Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 30 September 2023 and of the group's profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

Creagh Concrete Products Limited

Independent Auditor's Report to the Members of Creagh Concrete Products Limited (continued)

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 9], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

On the basis of our understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, we considered the risk of non-compliance and to what extent it might have a material effect on the financial statements. We also considered the principal laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006, FRS 102 - "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the relevant UK tax compliance regulations.

We made enquiries of management to understand how the company is complying with its legal and regulatory obligations.

We read the board minutes to determine whether any fraud or non-compliance had been identified by the company.

 

Creagh Concrete Products Limited

Independent Auditor's Report to the Members of Creagh Concrete Products Limited (continued)

We evaluated the susceptibility of the financial statements to material misstatement and discussed with management the areas where we believed risk of fraud may be higher and what procedures are in place to prevent or detect fraud or non-compliance.

We reviewed manual journal entries for any unusual postings.

We performed tests in areas where significant accounting estimates and judgements are made to assess their reasonableness.

 

There are inherent limitations in the audit procedures described above. The further removed any non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Furthermore, the risk of material misstatement due to fraud is higher than the risk of material misstatement due to error, as fraud may involve deliberate concealment.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Stephen Morgan (Senior Statutory Auditor)
For and on behalf of McKeague Morgan & Company, Statutory Auditor

27 College Gardens
Belfast
BT9 6BS

21 February 2024

 

Creagh Concrete Products Limited

Consolidated Profit and Loss Account
For the Year Ended 30 September 2023

Note

2023
£

2022
£

Turnover

4

115,989,490

113,035,833

Cost of sales

 

(72,023,494)

(71,740,401)

Gross profit

 

43,965,996

41,295,432

Distribution costs

 

(22,902,688)

(25,950,124)

Administrative expenses

 

(16,497,073)

(14,964,307)

Other operating income

5

1,217,712

659,042

Operating profit

7

5,783,947

1,040,043

Interest payable and similar expenses

8

(755,266)

(537,642)

Profit before tax

 

5,028,681

502,401

Tax on profit

12

(835,266)

(122,558)

Profit for the financial year

 

4,193,415

379,843

Profit/(loss) attributable to:

 

Owners of the company

 

4,193,415

379,843

The above results were derived from continuing operations.

The group has no recognised gains or losses for the year other than the results above.

 

Creagh Concrete Products Limited

Consolidated Statement of Comprehensive Income
For the Year Ended 30 September 2023

2023
£

2022
£

Profit for the year

4,193,415

379,843

Total comprehensive income for the year

4,193,415

379,843

Total comprehensive income attributable to:

Owners of the company

4,193,415

379,843

 

Creagh Concrete Products Limited

(Registration number: NI010644)
Consolidated Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

13

45,000

45,000

Tangible assets

14

22,513,403

22,165,929

Investment property

15

90,000

90,000

 

22,648,403

22,300,929

Current assets

 

Stocks

17

7,924,199

8,670,600

Debtors

18

22,925,734

26,873,736

Cash at bank and in hand

 

3,518,852

89,470

 

34,368,785

35,633,806

Creditors: Amounts falling due within one year

20

(30,781,457)

(39,370,035)

Net current assets/(liabilities)

 

3,587,328

(3,736,229)

Total assets less current liabilities

 

26,235,731

18,564,700

Creditors: Amounts falling due after more than one year

20

(7,017,227)

(3,391,506)

Provisions for liabilities

21

(601,896)

(750,000)

Net assets

 

18,616,608

14,423,194

Capital and reserves

 

Called up share capital

23

2,888

3,040

Capital redemption reserve

24

392

240

Revaluation reserve

24

4,801,982

4,801,982

Retained earnings

24

13,811,346

9,617,932

Equity attributable to owners of the company

 

18,616,608

14,423,194

Shareholders' funds

 

18,616,608

14,423,194

Approved and authorised by the Board on 21 February 2024 and signed on its behalf by:
 

.........................................
Mr Gerard McKeague
Director

 

Creagh Concrete Products Limited

(Registration number: NI010644)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

13

45,000

45,000

Tangible assets

14

21,551,871

21,204,397

Investment property

15

90,000

90,000

Investments

16

2

2

 

21,686,873

21,339,399

Current assets

 

Stocks

17

7,924,199

8,670,600

Debtors

18

22,925,734

26,873,736

Cash at bank and in hand

 

3,518,850

89,468

 

34,368,783

35,633,804

Creditors: Amounts falling due within one year

20

(29,659,711)

(39,978,968)

Net current assets/(liabilities)

 

4,709,072

(4,345,164)

Total assets less current liabilities

 

26,395,945

16,994,235

Creditors: Amounts falling due after more than one year

20

(7,017,227)

(1,739,001)

Provisions for liabilities

21

(601,896)

(750,000)

Net assets

 

18,776,822

14,505,234

Capital and reserves

 

Called up share capital

23

2,888

3,040

Capital redemption reserve

392

240

Revaluation reserve

4,801,982

4,801,982

Retained earnings

13,971,560

9,699,972

Shareholders' funds

 

18,776,822

14,505,234

The company made a profit after tax for the financial year of £4,271,589 (2022 - profit of £461,883).

Approved and authorised by the Board on 21 February 2024 and signed on its behalf by:
 

.........................................
Mr Gerard McKeague
Director

 

Creagh Concrete Products Limited

Consolidated Statement of Changes in Equity
For the Year Ended 30 September 2023
Equity attributable to the parent company

Share capital
£

Capital redemption reserve
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 October 2022

3,040

240

4,801,982

9,617,932

14,423,194

Profit for the year

-

-

-

4,193,415

4,193,415

Purchase of own share capital

(152)

152

-

(1)

(1)

At 30 September 2023

2,888

392

4,801,982

13,811,346

18,616,608

Share capital
£

Capital redemption reserve
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 October 2021

3,040

240

4,801,982

9,238,089

14,043,351

Profit for the year

-

-

-

379,843

379,843

At 30 September 2022

3,040

240

4,801,982

9,617,932

14,423,194

 

Creagh Concrete Products Limited

Statement of Changes in Equity
For the Year Ended 30 September 2023

Share capital
£

Capital redemption reserve
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 October 2022

3,040

240

4,801,982

9,699,972

14,505,234

Profit for the year

-

-

-

4,271,589

4,271,589

Purchase of own share capital

(152)

152

-

(1)

(1)

At 30 September 2023

2,888

392

4,801,982

13,971,560

18,776,822

Share capital
£

Capital redemption reserve
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 October 2021

3,040

240

4,801,982

9,238,089

14,043,351

Profit for the year

-

-

-

461,883

461,883

At 30 September 2022

3,040

240

4,801,982

9,699,972

14,505,234

 

Creagh Concrete Products Limited

Consolidated Statement of Cash Flows
For the Year Ended 30 September 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

4,193,415

379,843

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

7

3,265,407

3,005,050

Profit on disposal of tangible assets

6

(168,498)

(12,250)

Finance costs

8

755,266

537,642

Income tax expense

12

835,266

122,558

 

8,880,856

4,032,843

Working capital adjustments

 

Decrease/(increase) in stocks

17

746,401

(2,112,300)

Decrease in trade debtors

18

3,364,614

603,651

Decrease/(increase) in other debtors and prepayments

18

350,018

(590,891)

Decrease in trade creditors

20

(1,933,023)

(284,555)

Increase/(decrease) in other creditors and accruals

20

593,910

(184,430)

(Decrease)/increase in provisions

21

(750,000)

250,000

(Decrease)/increase in deferred income, including government grants

 

(13,184)

85,190

Net cash flow from operating activities

 

11,239,592

1,799,508

Cash flows from investing activities

 

Acquisitions of tangible assets

(3,681,653)

(2,449,918)

Proceeds from sale of tangible assets

 

237,270

12,250

Proceeds from disposal of investments in joint ventures and associates

 

-

50

Net cash flows from investing activities

 

(3,444,383)

(2,437,618)

 

Creagh Concrete Products Limited

Consolidated Statement of Cash Flows
For the Year Ended 30 September 2023 (continued)

Note

2023
£

2022
£

Cash flows from financing activities

 

Interest paid

8

(755,266)

(537,642)

Payments for purchase of own shares

 

(1)

-

Repayment of bank borrowing

 

(1,362,087)

(2,382,501)

Increase in utilisation of invoice discounting facility

 

114,718

613,399

Proceeds from other borrowing draw downs

 

-

2,171,362

Repayment of other borrowing

 

(349,141)

(11,447)

Proceeds from hire purchase contract draw downs

 

1,868,360

770,528

Payments to finance lease creditors

 

(1,289,358)

(1,094,613)

Net cash flows from financing activities

 

(1,772,775)

(470,914)

Net increase/(decrease) in cash and cash equivalents

 

6,022,434

(1,109,024)

Cash and cash equivalents at 1 October

 

(2,503,582)

(1,394,559)

Cash and cash equivalents at 30 September

 

3,518,852

(2,503,583)

 

Creagh Concrete Products Limited

Statement of Cash Flows
For the Year Ended 30 September 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

4,271,589

461,883

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

7

3,265,407

3,005,050

Profit on disposal of tangible assets

6

(168,498)

(30,718)

Finance costs

577,092

398,070

Income tax expense

12

835,266

122,558

 

8,780,856

3,956,843

Working capital adjustments

 

Decrease/(increase) in stocks

17

746,401

(2,112,300)

Decrease in trade debtors

18

3,364,614

603,651

Decrease/(increase) in other debtors and prepayments

 

350,018

(590,891)

Decrease in trade creditors

20

(1,933,023)

(284,555)

Increase in other creditors and accruals

 

176,595

776,860

(Decrease)/increase in provisions

21

(750,000)

250,000

(Decrease)/increase in deferred income, including government grants

 

(13,184)

85,190

Net cash flow from operating activities

 

10,722,277

2,684,798

Cash flows from investing activities

 

Acquisitions of tangible assets

(3,681,653)

(2,449,918)

Proceeds from sale of tangible assets

 

237,270

992,250

Proceeds from disposal of investments in joint ventures and associates

 

-

50

Net cash flows from investing activities

 

(3,444,383)

(1,457,618)

 

Creagh Concrete Products Limited

Statement of Cash Flows
For the Year Ended 30 September 2023 (continued)

Note

2023
£

2022
£

Cash flows from financing activities

 

Interest paid

(577,092)

(398,070)

Payments for purchase of own shares

 

(1)

-

Repayment of bank borrowing

 

(1,362,087)

(2,382,501)

Increase in utilisation of invoice discounting facility

 

114,718

613,399

Proceeds from other borrowing draw downs

 

-

166,500

Repayment of other borrowing

 

(10,000)

(11,447)

Proceeds from hire purchase contract draw downs

 

1,868,360

770,528

Payments to finance lease creditors

 

(1,289,358)

(1,094,613)

Net cash flows from financing activities

 

(1,255,460)

(2,336,204)

Net increase/(decrease) in cash and cash equivalents

 

6,022,434

(1,109,024)

Cash and cash equivalents at 1 October

 

(2,503,584)

(1,394,561)

Cash and cash equivalents at 30 September

 

3,518,850

(2,503,585)

 

Creagh Concrete Products Limited

Notes to the Financial Statements
For the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
38 Blackpark Road
Toomebridge
County Antrim
BT41 3SL

These financial statements were authorised for issue by the Board on 21 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 September 2023.

 

Creagh Concrete Products Limited

Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance.

 

Creagh Concrete Products Limited

Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

The group made a profit of £5,028,681 before tax for the year. Since the year end the group continues to be profitable and significant profits are forecast for the remainder of the year.

At the year end the group had net assets of £18,616,608 (2022 - £14,423,194) and net current assets of £3,587,328 (2022 - net current liabilities of £3,736,229). The group obtained new finance facilities on 6 November 2023 which has provided additional headroom to manage the group's working capital requirements.

In the preparation of its financial projections the directors have considered the uncertainties presented by a difficult economic and business environment and remain confident about future trading outcomes. However there can be no certainty that the results will be as forecast.

Taking all matters into consideration, the directors consider that the group has sufficient cash and liquidity to meet its obligations as they fall due for a period of at least 12 months from the date of signing these financial statements. Accordingly, the directors continue to adopt the going concern basis in preparing the Annual Report and Financial Statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

Contract revenue recognition

Contract revenue is measured by reference to the stage of completion of the contract at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

 

Creagh Concrete Products Limited

Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold buildings

2.5%-10% straight line

Leasehold buildings

5%-10% straight line

Quarries

10%-15% straight line

Plant and machinery

5%-25% straight line

Commercial vehicles

20%-25% straight line

Motor vehicles

20%-25% straight line

Furniture, fittings and equipment

5%-33% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Creagh Concrete Products Limited

Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Intangible assets

The liquor licence is carried at cost less any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Liquor licence

Not amortised

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

 

Creagh Concrete Products Limited

Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

Creagh Concrete Products Limited

Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:

Useful economic life of tangible fixed assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

 

Creagh Concrete Products Limited

Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)

3

Judgements and key sources of estimation uncertainty (continued)

Amounts recoverable under contracts provision

The company considers the recoverability of the amounts receivable and the associated provisioning required. When calculating the provision, management considers the nature and condition of the works carried out.

Inventory provision

The company considers the recoverability of the cost of inventory and the associated provisioning required. When calculating the inventory provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials.

Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

4

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2023
£

2022
£

Construction and concrete products

115,548,304

112,651,674

Restaurant and bar

441,186

384,159

115,989,490

113,035,833

5

Other operating income

The analysis of the group's other operating income for the year is as follows:

2023
£

2022
£

Government grants

1,217,712

659,042

The analysis of the government grants receivable by the group for the year is as follows:

2023
£

2022
£

Research and Development Expenditure Credit (RDEC)

1,020,320

645,042

Other government grants

197,392

14,000

1,217,712

659,042

 

Creagh Concrete Products Limited

Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)

6

Other gains and losses

The analysis of the group's other gains and losses for the year is as follows:

2023
£

2022
£

Gain on disposal of property, plant and equipment

168,498

12,250

7

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

3,265,407

3,005,050

Profit on disposal of property, plant and equipment

(168,498)

(12,250)

Exceptional item - legal proceedings costs

297,691

250,000

8

Interest payable and similar expenses

2023
£

2022
£

Interest on bank overdrafts and borrowings

452,637

297,280

Interest on obligations under finance leases and hire purchase contracts

123,460

100,790

Interest expense on other finance liabilities

179,169

139,572

755,266

537,642

9

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

24,197,002

23,083,848

Social security costs

2,428,650

2,403,441

Other short-term employee benefits

89,821

72,386

Pension costs, defined contribution scheme

908,813

899,930

27,624,286

26,459,605

 

Creagh Concrete Products Limited

Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)

9

Staff costs (continued)

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Production

488

512

Administration and support

122

121

Sales

31

31

641

664

10

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration (including social security and benefits in kind)

1,221,455

1,110,838

Contributions paid to money purchase schemes

108,803

126,002

1,330,258

1,236,840

During the year the number of directors who were receiving benefits and share incentives was as follows:

2023
No.

2022
No.

Accruing benefits under money purchase pension scheme

14

13

In respect of the highest paid director:

2023
£

2022
£

Remuneration

129,750

110,437

Company contributions to money purchase pension schemes

15,750

10,000

11

Auditors' remuneration

2023
£

2022
£

Audit of these financial statements

51,500

43,500

Other fees to auditors

All other non-audit services

4,000

4,000


 

 

Creagh Concrete Products Limited

Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)

12

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

233,370

122,558

Deferred taxation

Arising from origination and reversal of timing differences

601,896

-

Tax expense in the income statement

835,266

122,558

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of 22.01% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

5,028,681

502,401

Corporation tax at standard rate

1,106,813

95,456

Effect of expense not deductible in determining taxable profit (tax loss)

66,292

48,165

Effect of tax losses

(1,068,762)

(51,919)

Increase from effect of tax incentives

233,370

122,558

Deferred tax expense from unrecognised tax loss or credit

601,896

-

Tax decrease from effect of capital allowances and depreciation

(143,559)

(103,780)

Tax increase from effect of unrelieved tax losses carried forward

39,216

12,078

Total tax charge

835,266

122,558

 

Creagh Concrete Products Limited

Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)

12

Taxation (continued)

Deferred tax

Group

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Difference between accumulated depreciation and capital allowances

-

601,896

-

601,896

Company

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Difference between accumulated depreciation and capital allowances

-

601,896

-

601,896

 

Creagh Concrete Products Limited

Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)

13

Intangible assets

Group

Licenses
 £

Total
£

Cost or valuation

At 1 October 2022

45,000

45,000

At 30 September 2023

45,000

45,000

Carrying amount

At 30 September 2023

45,000

45,000

At 30 September 2022

45,000

45,000

Company

Licenses
 £

Total
£

Cost or valuation

At 1 October 2022

45,000

45,000

At 30 September 2023

45,000

45,000

Carrying amount

At 30 September 2023

45,000

45,000

At 30 September 2022

45,000

45,000

 

Creagh Concrete Products Limited

Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)

14

Tangible assets

Group

Freehold land and buildings
£

Long leasehold land and buildings
£

Short leasehold land and buildings
£

Quarries
£

Plant and machinery
£

Furniture, fittings and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

15,200,832

1,767,930

937,973

8,559,951

34,027,505

2,960,268

4,469,269

67,923,728

Additions

105,282

-

-

968,857

2,130,677

28,399

448,438

3,681,653

Disposals

-

-

-

-

(649,600)

-

(126,700)

(776,300)

At 30 September 2023

15,306,114

1,767,930

937,973

9,528,808

35,508,582

2,988,667

4,791,007

70,829,081

Depreciation

At 1 October 2022

5,698,240

347,030

581,686

4,619,820

28,139,782

2,941,767

3,429,474

45,757,799

Charge for the year

513,100

89,268

11,783

497,897

1,747,999

7,425

397,935

3,265,407

Eliminated on disposal

-

-

-

-

(622,100)

-

(85,428)

(707,528)

At 30 September 2023

6,211,340

436,298

593,469

5,117,717

29,265,681

2,949,192

3,741,981

48,315,678

Carrying amount

At 30 September 2023

9,094,774

1,331,632

344,504

4,411,091

6,242,901

39,475

1,049,026

22,513,403

At 30 September 2022

9,502,592

1,420,900

356,287

3,940,131

5,887,723

18,501

1,039,795

22,165,929

 

Creagh Concrete Products Limited

Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)

14

Tangible assets (continued)

Revaluation

The fair value of the group's freehold land and buildings, long leasehold land and buildings and quarry land were revalued in the 2021 year by professional independent valuers, Colliers, Knight Frank and Innes England.

The Valuations were prepared on the basis of Market Value in accordance with the RICS Valuation – Global Standards (Incorporating the IVSC International Valuation Standards) (the “Red Book”) prepared by the Royal Institution of Chartered Surveyors.

Had these classes of assets been measured on a historical cost basis, the carrying amount would have been:

2023
£

2022
£

Freehold land and buildings

7,851,167

8,200,985

Long leasehold land and buildings

736,427

825,695

Quarries

1,876,661

1,163,701

10,464,255

10,190,381

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

 

2023
£

2022
£

Plant and machinery

2,744,719

2,077,346

Motor vehicles

826,182

849,724

 

3,570,901

2,927,070

 

Creagh Concrete Products Limited

Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)

14

Tangible assets (continued)

Company

Freehold land and buildings
£

Long leasehold land and buildings
£

Short leasehold land and buildings
£

Quarries
£

Plant and machinery
£

Furniture, fittings and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

13,865,237

1,767,930

937,973

8,559,951

34,027,505

2,960,268

4,469,269

66,588,133

Additions

105,282

-

-

968,857

2,130,677

28,399

448,438

3,681,653

Disposals

-

-

-

-

(649,600)

-

(126,700)

(776,300)

At 30 September 2023

13,970,519

1,767,930

937,973

9,528,808

35,508,582

2,988,667

4,791,007

69,493,486

Depreciation

At 1 October 2022

5,324,177

347,030

581,686

4,619,820

28,139,782

2,941,767

3,429,474

45,383,736

Charge for the year

513,100

89,268

11,783

497,897

1,747,999

7,425

397,935

3,265,407

Eliminated on disposal

-

-

-

-

(622,100)

-

(85,428)

(707,528)

At 30 September 2023

5,837,277

436,298

593,469

5,117,717

29,265,681

2,949,192

3,741,981

47,941,615

Carrying amount

At 30 September 2023

8,133,242

1,331,632

344,504

4,411,091

6,242,901

39,475

1,049,026

21,551,871

At 30 September 2022

8,541,060

1,420,900

356,287

3,940,131

5,887,723

18,501

1,039,795

21,204,397

 

Creagh Concrete Products Limited

Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)

14

Tangible assets (continued)

Revaluation

The fair value of the company's freehold land and buildings, long leasehold land and buildings and quarry land were revalued in the 2021 year by professional independent valuers, Colliers, Knight Frank and Innes England.

The Valuations were prepared on the basis of Market Value in accordance with the RICS Valuation – Global Standards (Incorporating the IVSC International Valuation Standards) (the “Red Book”) prepared by the Royal Institution of Chartered Surveyors.

Had these classes of assets been measured on a historical cost basis, the carrying amount would have been:

2023
£

2022
£

Freehold land and buildings

6,889,635

7,239,453

Long leasehold land and buildings

736,427

825,695

Quarries

1,876,661

1,163,701

9,502,723

9,228,849

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

 

2023
£

2022
£

Plant and machinery

2,744,719

2,077,346

Motor vehicles

826,182

849,724

 

3,570,901

2,927,070

15

Investment properties

Group

2023
£

At 1 October

90,000

At 30 September

90,000

There has been no valuation of investment property by an independent valuer.

 

Creagh Concrete Products Limited

Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)

15

Investment properties (continued)

Company

2023
£

At 1 October

90,000

At 30 September

90,000

There has been no valuation of investment property by an independent valuer.

16

Investments

Group

Details of undertakings

Details of the investments in which the group holds 20% or more of the nominal value of any class of share capital are as follows (direct investment *):

Undertaking

Registered office

Principal activity

Holding

Proportion of voting rights and shares held

       

2023

2022

Subsidiary undertakings

Creagh Limited*

38 Blackpark Road, Toomebridge, Co Antrim, BT41 3SL

Commercial property investment

Ordinary shares

100%

100%

 

Northern Ireland

     

Spantherm Limited*

38 Blackpark Road, Toomebridge, Co Antrim, BT41 3SL

Dormant company

Ordinary shares

100%

100%

 

Northern Ireland

     

 

Creagh Concrete Products Limited

Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)

16

Investments (continued)

Company

2023
£

2022
£

Investments in subsidiaries

2

2

Subsidiaries

£

Cost or valuation

At 1 October 2022

2

Carrying amount

At 30 September 2023

2

At 30 September 2022

2

17

Stocks

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Raw materials and consumables

3,296,119

3,557,449

3,296,119

3,557,449

Finished goods and goods for resale

4,628,080

5,113,151

4,628,080

5,113,151

7,924,199

8,670,600

7,924,199

8,670,600

18

Debtors

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Trade debtors

17,592,464

20,957,078

17,592,464

20,957,078

Other debtors

2,585,972

3,541,632

2,585,972

3,541,632

Prepayments

2,068,216

1,798,928

2,068,216

1,798,928

Gross amount due from customers for contract work

679,082

576,098

679,082

576,098

22,925,734

26,873,736

22,925,734

26,873,736

 

Creagh Concrete Products Limited

Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)

19

Cash and cash equivalents

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Cash at bank

3,518,852

89,470

3,518,850

89,468

Bank overdrafts

-

(2,593,052)

-

(2,593,052)

Cash and cash equivalents in statement of cash flows

3,518,852

(2,503,582)

3,518,850

(2,503,584)

20

Creditors

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Due within one year

 

Loans and borrowings

25

5,266,336

11,658,110

3,600,615

11,305,753

Trade creditors

 

20,851,627

22,784,650

20,851,627

22,784,650

Amounts due to related parties

 

-

-

543,975

965,739

Social security and other taxes

 

959,627

1,532,245

959,627

1,532,245

Outstanding defined contribution pension costs

 

260,923

269,749

260,923

269,749

Other payables

 

425,979

355,878

425,979

355,878

Accruals

 

2,848,295

2,590,733

2,848,295

2,586,284

Deferred income

 

12,170

12,170

12,170

12,170

Loans from directors

 

156,500

166,500

156,500

166,500

 

30,781,457

39,370,035

29,659,711

39,978,968

Due after one year

 

Loans and borrowings

25

6,109,700

3,318,486

6,109,700

1,665,981

Deferred income

 

59,836

73,020

59,836

73,020

Other payables

 

847,691

-

847,691

-

 

7,017,227

3,391,506

7,017,227

1,739,001

 

Creagh Concrete Products Limited

Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)

21

Provisions for liabilities

Group

Legal proceedings
£

Deferred tax
£

Total
£

At 1 October 2022

750,000

-

750,000

Additional provisions

-

601,896

601,896

Provisions used

(750,000)

-

(750,000)

At 30 September 2023

-

601,896

601,896

Company

Legal proceedings
£

Deferred tax
£

Total
£

At 1 October 2022

750,000

-

750,000

Additional provisions

-

601,896

601,896

Provisions used

(750,000)

-

(750,000)

At 30 September 2023

-

601,896

601,896

22

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £908,813 (2022 - £899,930).

Contributions totalling £260,923 (2022 - £269,749) were payable to the scheme at the end of the year and are included in creditors.

 

Creagh Concrete Products Limited

Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)

23

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary class A shares of £1 each

2,280

2,280

2,280

2,280

Ordinary class B shares of £1 each

608

608

760

760

 

2,888

2,888

3,040

3,040

24

Reserves

Group

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the group

Profit and loss account

This reserve records the retained earnings held by the group. This reserve is distributable in full.

Revaluation reserve

This reserve records the cumulative effect of property, plant and equipment revaluations. This reserve is non-distributable.

Company

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the company

Profit and loss account

This reserve records the retained earnings held by the company. This reserve is distributable in full.

Revaluation reserve

This reserve records the cumulative effect of property, plant and equipment revaluations. This reserve is non-distributable.

 

Creagh Concrete Products Limited

Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)

25

Loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

4,541,666

548,165

4,541,666

548,165

Hire purchase contracts

1,568,034

1,117,816

1,568,034

1,117,816

Other borrowings

-

1,652,505

-

-

6,109,700

3,318,486

6,109,700

1,665,981

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Current loans and borrowings

Bank borrowings

471,133

5,826,721

471,133

5,826,721

Bank overdrafts

-

2,593,052

-

2,593,052

Invoice discounting

2,183,755

2,069,037

2,183,755

2,069,037

Hire purchase contracts

945,727

816,943

945,727

816,943

Other borrowings

1,665,721

352,357

-

-

5,266,336

11,658,110

3,600,615

11,305,753

 

Creagh Concrete Products Limited

Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)

25

Loans and borrowings (continued)

Post year end refinancing arrangements

The bank borrowings, invoice discounting facility and other borrowings that were in place at 30 September 2023 were replaced on 6 November 2023.

The non-current bank borrowings relates to the capital amount repayable on the renewed facilities falling due in more than one year.

Group and Company

A new term loan of £5,000,000, denominated in sterling, was arranged post year end. The loan is subject to a nominal interest rate of 5% above the Bank of England Base Rate and the final instalment is due in October 2033.

The company has provided a fixed charge over its freehold property and quarry lands and a floating charge over all assets and undertakings.

The company is due to make monthly capital repayments of £41,667 plus interest.


A replacement invoice discounting facility, denominated in sterling, was also arranged post year end. The new invoice discounting facility is subject to a nominal interest rate of 3.5% above the Bank of England Base Rate on its variable outstanding balance.

Amounts advanced under the invoice discounting arrangements are secured by an equitable assignment of book debts.

 

Creagh Concrete Products Limited

Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)

26

Related party transactions

Group

Loans to related parties

2023

Key management
£

Total
£

At start of period

49,300

49,300

Advanced

191

191

At end of period

49,491

49,491

2022

Key management
£

Total
£

At start of period

82,800

82,800

Repaid

(33,500)

(33,500)

At end of period

49,300

49,300

Terms of loans to related parties

Loans to key management are interest-free and repayable on demand.
 

Loans from related parties

2023

Key management
£

Total
£

At start of period

166,500

166,500

Repaid

(10,000)

(10,000)

At end of period

156,500

156,500

2022

Key management
£

Total
£

At start of period

-

-

Advanced

166,500

166,500

At end of period

166,500

166,500

Terms of loans from related parties

Loans from key management are interest-free and repayable on demand.
 

 

Creagh Concrete Products Limited

Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)

26

Related party transactions (continued)

Company

Loans to related parties

2023

Key management
£

Total
£

At start of period

49,300

49,300

Advanced

191

191

At end of period

49,491

49,491

2022

Key management
£

Total
£

At start of period

82,800

82,800

Repaid

(33,500)

(33,500)

At end of period

49,300

49,300

Terms of loans to related parties

Loans to key management are interest-free and repayable on demand.
 

Loans from related parties

2023

Key management
£

Total
£

At start of period

166,500

166,500

Repaid

(10,000)

(10,000)

At end of period

156,500

156,500

2022

Key management
£

Total
£

Advanced

166,500

166,500

At end of period

166,500

166,500

Terms of loans from related parties

Loans from key management are interest-free and repayable on demand.
 

 

Creagh Concrete Products Limited

Notes to the Financial Statements
For the Year Ended 30 September 2023 (continued)

27

Parent and ultimate parent undertaking

The ultimate controlling parties are Messrs Gerard, Seamus and Patrick McKeague who beneficially own 100% of the ordinary A shares.